Moody’s rates Bank of China notes Baa2(hyb)

Moody's Investors Service said it assigned a Baa2(hyb) rating to the additional tier 1 securities to be issued by Bank of China (Hong Kong) Ltd.

The perpetual non-cumulative AT1 securities rank junior to the bank's senior obligations and tier 2 securities, and rank senior only to common equity tier 1 capital.

The agency said the rating reflects the bank’s adjusted baseline credit assessment of a2, Moody's advanced loss given failure analysis, resulting in a position three notches below the bank's adjusted baseline credit assessment, and an assumption of a low probability of government support for this instrument, resulting in no uplift.

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